Analysis - July 20, 2020

DISCLAIMER : THIS IS A BLOG TO TRACK MY PERSONAL ANALYSIS. SHARING IT TO PEOPLE FOR EDUCATIONAL PURPOSE ONLY. I AM NOT SUGGESTING A TRADE BASED ON THE LEVELS GIVEN HERE

On account of Friday's healthy gains, the market gained for the fifth consecutive week as Sensex and Nifty rose 1.2 percent each for the week. On Friday, Nifty settled with a gain of 162 points, or 1.51 percent, at 10,901.70. While the COVID-19 cases are continuously rising, the market is rallying on liquidity boost and hopes of a vaccine.

Let us what's in store for July 20, 2020 and how the analysis for the last session (July 17, 2020) played.

Reliance Industries

DoJi again performed wonders - A rocket blast from 1840 levels to 1910 🚀🚀. It is a DoJI on the weekly again - 1910 is a crucial level - if a close happens below that; Reliance might find it difficult to cross the highs. On the lower side, 1800 is a good support as we have seen bounces already. Lets see if Reliance hits the magic 2000 number this week.

Intraday levels:

Buy above:

1880 - Target 1900/1920

1920 - Target 1940/1960

Sell below:

1920 - Target 1900/1880

1880 - Target 1860/1840

Bharti Airtel

No material change in the charts - Bharti is trying to make a come back. 550 is the support zone and 590 is the resistance zone. The trendlines are well respected. Hoping for a bullish week to touch the 590 levels again.

Intraday levels:

Buy Above :

558 - Target 564 / 572 

572 - Target 576 / 581

Sell Below :

563 - Target 558 / 551

LIC Housing Finance

It was a bearish week following the DoJI last week. 259 levels played an important support zone this week. The stock has formed a spinning top on the daily. Lets see if 259 levels hold and LIC makes it move to 290 again in this week.

Intraday Levels:

Buy above:

266 - Target 271 / 275

Sell Below:

265 - Target 259 / 254 / 248

HDFC Bank

Tomorrow is the result reaction day for HDFC Bank. The results look good on the profit terms but there is this consideration on loan moratorium extension till the end of Dec 2020 which could dampen the spirits. Inspite these, HDFC Bank could open GAP UP on monday considering a strong result. 

The important levels to watch out are the following

• 1112 - 0.786 level in the hourly XABCD
• 1120 - 0.866 level in the hourly XABCD
• 1140 - 1.13 level in the hourly XABCD
• If 1130 is broken, HDFC Bank can zoom to 1200 levels per the Daily ABCD and XABCD charts
• On the lower-side, 1060 can provide some support below which 1020 is a good support zone

Lets see, how many of the levels does HDFC Bank take out if there is a GAP Up on July 20, 2020 

HDFC

HDFC is in a nice sweet spot. It is facing resistance around the 1820 levels post its bounce from the 1760 levels. If it manages to break 1820, it can easily zoom to 1840 levels to close the GAP. So fingers crossed for a breakout of the 1820 levels.